The European Union will implement a phased ban on Russian oil imports by the end of the year, the European Commission said Wednesday. Europe relies heavily on Russian fossil fuels and the ban will not apply to methane gas or coal. The move is consistent with increasing efforts in the West to punish Russian president Vladimir Putin for the February invasion of, and continuing atrocities in, Ukraine — the EU declined to join the U.S. in banning Russian oil imports in early March. (Russia’s war on Ukraine has been great for oil and gas companies and executives.)

The phased prohibition is intended to give time to ensure member states and their partners can secure alternative supplies, with some countries being given extra time due to their especially high dependency on Russian oil. Earlier this week, Standard Charter said the EU has paid Russia about $50 billion for oil, gas, and coal since Russia invaded Ukraine on February 24. (Import ban: (Washington Post $, Axios, New York Times $, AP, CNBC, The Hill, Climate Home, Politico Pro $, Energy Monitor; $50 billion: OilPrice)